Kerry M. Kerstetter, CPA (referred to as The Tax Guru by other CPAs around the country) helps capitalists, investors & small business owners win the tax game. See www.TaxGuru.org for much more detailed info.
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Tax Guru-Ker$tetter Letter
Saturday, March 03, 2007
Corp Assets
Q:
Subject: S-Corp Timeshare purchaseI have a client who’s S-corp (family owned) purchased a timeshare for use as the location for the Corporate Annual meeting. Would the S-corp be able to depreciate this assets…if so what type of Asset would this property be termed as?
A:
I have seen a lot of small corps buy timeshares for purposes of their annual meetings.
I have depreciated them over the standard 39 years for commercial real estate and expensed the annual maintenance fees.
Kerry Kerstetter
- posted by Kerry M. Kerstetter, MBA~CPA~ATP~ATA @ 3/03/2007 11:56:00 AM Send this post:
